. >> the president and house speaker met to discuss the so-called fiscal cliff. they have until january 1st to extend the bush-era tax cuts. americans will see massive cuts to social spending. they didn't comment on the meeting today but other republicans are considering a raise in taxes for the wealthiest americans if it will help get a deal done. >> we have spun ourselves into a hole and we're not going to borrow money and get out of it. will i accept a tax increase as a part of a deal to actually solve our problems? yes. >> here is what cuts could come if a deal isn't made in time. military budget would be cut by $500 billion over ten years. schools could be cut. some ideas to avoid the cliff is eliminating the tax deduction for charitable contributions and not allowing homeowners to write off mortgaged payments. >> gas prices are dropping. national average for a gallon is 3.34. in california it's 3.63. in the bay area the average is 3.71 a gallon. >> snow has blanketed the midwest. it's made for severe driving conditions. >> difficult driving conditions and b